Colorado § 43-4-706 Financial obligations subject to annual budget allocation

Colorado Statutes

§ 43-4-706 — Financial obligations subject to annual budget allocation

Colorado·Title 43 Transportation·Art. Financing

(1)Any revenue anticipation notes issued in accordance with this part 7 shall constitute a contract between the department and the owner or holder thereof. In no event shall any decision by the commission not to allocate revenue anticipation note proceeds not otherwise pledged, state matching funds, or federal transportation funds in any given fiscal year for the payment of such notes or any costs associated with the issuance and administration of such notes be construed to constitute an action impairing such contract.

(2)(a) Every contract entered into by the executive director pursuant to the provisions of this part 7 shall provide that all financial obligations of the state under such contracts are subject to allocation on an annual basis by the commission, in its sole dis

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(1)
Any revenue anticipation notes issued in accordance with this part 7 shall
constitute a contract between the department and the owner or holder thereof. In
no event shall any decision by the commission not to allocate revenue anticipation
note proceeds not otherwise pledged, state matching funds, or federal
transportation funds in any given fiscal year for the payment of such notes or any
costs associated with the issuance and administration of such notes be construed
to constitute an action impairing such contract.

(2) (a) Every contract entered into by the executive director pursuant to the
provisions of this part 7 shall provide that all financial obligations of the state under
such contracts are subject to allocation on an annual basis by the commission, in its
sole discretion, in accordance with section 43-1-113 and that such contracts shall
not be deemed or construed as creating an indebtedness of the state within the
meaning of the state constitution or the laws of the state of Colorado concerning or
limiting the creation of indebtedness by the state of Colorado.

(b) In addition, revenue anticipation notes issued by the executive director
pursuant to the provisions of this part 7 and every contract relating to the issuance
of such notes shall provide that all financial obligations of the state in regard to the
portion of the principal of and interest on such notes and the costs associated with
the issuance and administration of such notes that may be paid from federal
transportation funds pursuant to federal law and any agreement between the
United States department of transportation and the department or the political
subdivision that is or is to be the initial recipient of such federal transportation
funds are subject to continuing federal appropriations of federal transportation
funds at a level equal to or greater than the amount needed to pay the federal
share of principal, interest, and costs on the revenue anticipation notes.

(3) The executive director may pay all fees, expenses, and commissions that
the executive director deems necessary or advantageous in connection with the
sale of notes.

(4) Neither the members of the commission, the executive director, nor any
person executing revenue anticipation notes in accordance with the provisions of
this part 7 shall be liable personally on the notes or be subject to any personal
liability or accountability by reason of the issuance thereof.

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